Thursday, October 27th, 2022
ATLANTA – Today, Team Herschel released the following statement in response to a report that the average American worker has lost $4,200 in annual wages thanks to inflation caused by Raphael Warnock and Joe Biden.
Consumer prices have risen 12.7% since January 2021, significantly faster than wages, so the average American worker has lost $3,000 in annual purchasing power. As the Federal Reserve implements tighter monetary policy to reduce inflation, interest rates are rising.
Higher rates have in turn increased borrowing costs on mortgages, vehicle loans, credit cards, and more. The higher interest rates and borrowing costs have effectively reduced the average American’s purchasing power by another $1,200 on an annualized basis.
Under the former administration, the average American worker’s real annual earnings increased by $4,000. That has been completely wiped out in about a year and a half under the Biden-Warnock agenda.
“Raphael Warnock has caused Georgians to lose thousands while his income has doubled,” said campaign spokesman Will Kiley. “It is an objective fact that by voting with Biden over 96% of the time, Warnock has caused this historically high inflation. Georgians deserve a Senator who works for them every day, not another rubber stamp who works for himself. At the end of the day, Herschel Walker will always fight for Georgia’s best interests while Raphael Warnock will do whatever Joe Biden wants.”